ICL-Israel Chemicals Ltd.
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Sales Drivers and What to Expect for Fertilizer Companies
The world has a problem that’s actually good for the fertilizer industry. This is the world’s population, which is ever-growing, as is food consumption.
Fertilizer Affordability Improved Due to Higher Crop Prices
Last week, the Fertilizer Affordability Index, which is issued by Mosaic, declined to 0.83x from 0.85x a week ago.
Potash Prices Were Flat to Positive Last Week
In the Cornbelt region of the US, the potash prices rose by 31 basis points to $289 per metric ton from $288 per metric ton.
CF Industries Reported Strong Third-Quarter Earnings
On October 31, CF Industries (CF) reported its third-quarter earnings. The company reported revenue growth of 19.5% YoY to $1.04 billion.
Potash Price Movement Stayed Positive Last Week
Last week, potash prices were still on the rise despite the weekly decline in nitrogen and phosphate fertilizers.
Phosphate Fertilizer Prices Remained Weak Last Week
Last week, DAP (diammonium phosphate) prices were broadly lower week-over-week at most locations.
Analyzing MAP Prices in the Week Ending October 19
Last week, the MAP prices in the NOLA (New Orleans) region of the US were flat week-over-week at $430 per metric ton.
Fertilizer Stocks and Prices for the Week Ending October 19
Last week, Intrepid Potash rose 5.9% to $3.6. Nutrien (NTR) gained 3.3% to $55.8, while Israel Chemicals (ICL) gained 1.6% to $6.2 per share.
Potash Prices Flat to Positive Last Week
Last week, granular potash prices in NOLA (New Orleans) rose 2.6% to $251 per metric ton, from $245 in the week ended October 5.
Potash Prices Recorded Strong Gains Last Week
Potash prices in Brazil rose the most last week with a rise of 2.3% to $357 per metric ton from $349 per metric ton.
MAP Prices Were Flat Last Week
Last week, MAP (monoammonium phosphate) prices were flat in the Brazil and NOLA (New Orleans) regions.
Why Did DAP Phosphate Prices Pause and Fall Last Week?
DAP (diammonium phosphate) prices have been rising in 2018 and made new highs in recent weeks. Last week, DAP prices appeared to pause.
Fertilizer Stocks and Prices in the Week Ending September 21
The week ending September 21 was broadly positive for the fertilizer sector. MOO rose 2.3% from the week ending September 14.
US Potash Prices Were Flat Last Week
Last week, potash prices didn’t show movement in NOLA (New Orleans) or the Cornbelt region of the US.
Are DAP Prices Outside the US Reversing?
DAP (diammonium phosphate) prices have been rising lately.
Fertilizer Stocks and Commodity Prices for Week Ended August 31
Last week, the overall fertilizer sector was broadly positive with six of the six stocks ending in flat to positive territory.
ICL, MOS, CF, NTR: A Look at Valuation Multiples
The median forward EV-to-EBITDA multiple of the four fertilizer companies stood at 9.7x as of August 27.
How Forward PE Multiples of These Four Fertilizer Stocks Stack Up
Mosaic (MOS) was trading at a forward PE of 15.8x, a discount compared to the peer average of 17.5x.
Why EBITDA Margins Matter to Fertilizer Stocks
Mosaic (MOS) is expected to see its gross margins expand to 21% in fiscal 2019 from 13% in fiscal 2018.
MAP Phosphate Fertilizer Reached New High Last Week
MAP (monoammonium phosphate) prices last week rose to a new high, confirming a strong momentum for fertilizer stocks.
Fertilizer Continued to Rise in Week Ended August 24
Last week was broadly positive for the fertilizer sector, with the VanEck Vectors Agribusiness ETF (MOO) ending 1.3% higher.
Analyzing the Global Cost Curve of Nitrogen
It’s important for CF Industries (CF) investors to understand what’s behind increasing fertilizer prices.
How Fertilizer Affordability Changed in Week Ended August 10
Fertilizer affordability last week, which ended on August 10, was largely unchanged, as reported by Mosaic (MOS).
MAP Prices Mirror DAP Price Movements Last Week
For the week ended August 10, MAP (monoammonium phosphate) prices remained firm, mirroring DAP (diammonium phosphate) price movements.
Fertilizer Prices Take a Pause: Weekly Update
The fertilizer sector remained under pressure between August 3 and August 13, with the benchmark VanEck Vectors Agribusiness ETF (MOO) declining 2.4%
Why Phosphate Fertilizer Prices Are Rising
In 2018, Mosaic expects the global phosphate demand to be at 70 million metric tons.
China: Less Phosphate Exports?
Mosaic (MOS), which is one of the major phosphate fertilizer producers, provided some insights into the phosphate market during its earnings call.
What Is Agrible? A Look at Nutrien’s Latest Acquisition
On July 16, Nutrien (NTR) announced that it has entered into an agreement to acquire Agrible for a value of $63 million.
DAP Prices Continue Their Significant Rise
Last week, DAP prices in Tampa rose the most, rising 1.7% week-over-week to $427 per metric ton, from $420 per metric ton.
CVR Partners Is Expected to See Losses
CVR Partners is expected to report a loss per share of $0.06 in the second quarter compared to a loss per share of $0.03 in the corresponding quarter a year ago.
How CVR Partners’ Sales Expectations Stack Up with Peers
Wall Street analysts estimate sales growth of $102 million in the second quarter, which would be a 4% year-over-year increase from $98 million in the second quarter of 2017.
More Tariffs on China, Fertilizer Stocks Are in the Red
China is one of the largest fertilizer consumers in the world. Investors are concerned that retaliatory measures might hurt fertilizer companies.
Potash Prices Stay High
In recent weeks, potash prices have been rising and hitting YTD (year-to-date) highs.
Monoammonium Phosphate Prices Reverse in New Orleans
Like DAP (diammonium phosphate) prices, MAP (monoammonium phosphate) prices were mixed last week.
Diammonium Phosphate Fertilizers Give Mixed Perfomance
After peaking the week prior, global DAP (diammonium phosphate) prices were mixed last week.
Potash Prices Rose in Week Ended June 29
Last week, potash prices in the NOLA (New Orleans) region of the United States rose 1.6% week-over-week to $235 per metric ton.
DAP Phosphate Fertilizer Prices Hit a High Last Week
DAP (diammonium phosphate) fertilizer prices in four of seven locations around the world rose last week, continuing an upward momentum.
How Potash Prices Fared Last Week
Last week, potash prices were also broadly positive and managed to make new highs so far year-to-date.
How CF Industries’ Forecasts Compare to Valuations
CF Industries’ valuation multiples have risen across the board since February 2016 and have broadly moved sideways since then.
How DAP Prices Performed Last Week
Year-over-year, DAP prices remain strong with NOLA and China each experiencing a 21% gain year-over-year.
Fertilizer Affordability Dips but Remains Historically High
Last week, fertilizer affordability fell from the previous week on the back of a steeper increase in fertilizer prices week-over-week.
More Positives for NTR and MOS: Potash Prices Continue to Rise
Potash prices, similar to nitrogen and phosphates, continued to show strength last week as well.
A Peek at Potash Prices Last Week
Last week, potash prices were broadly flat to positive, similar to phosphate fertilizer prices.
Monoammonium Phosphate Prices and Mosaic’s Views on Brazil
Like DAP (diammonium phosphate) prices last week, MAP (monoammonium phosphate) prices were broadly flat to positive WoW (week-over-week) but stayed higher YoY (year-over-year).
Why Mosaic’s Sales Could Climb in 1Q18
For 1Q18, Mosaic is estimated to post $1.8 billion in sales, which would represent a 12% increase from $1.6 in 1Q17.
How Did Potash Prices Perform Last Week?
While nitrogen and phosphate prices at some locations experienced a weekly increase, potash prices were broadly flat to negative week-over-week.
How Fertilizer Prices Moved in the Week Ending April 27
As of May 1, Israel Chemicals and Mosaic were the only two fertilizer stocks to have positive YTD (year-to-date) returns.
How DAP Prices Performed for the Week Ended April 20
Last week, prices for DAP (diammonium phosphate) fertilizer were broadly flat to positive except for Morocco.
Fertilizer Price Movements for the Week Ended April 20
Last week, most fertilizer stocks ended in positive territory. Intrepid Potash (IPI) was the biggest gainer, rising 4.3% to $4.20.
Fertilizer Affordability Index Drifted Lower Last Week
In the week that ended on April 13, 2018, the Fertilizer Affordability Index drifted lower, continuing its two-week streak.
Potash’s Price Movements in the Week Ended April 13
Last week, potash prices remained strong with overall flat to positive movement. Prices in Brazil and Southeast Asia remained particularly strong week-over-week.
MAP Prices Continued to Weaken Last Week
Last week, MAP (monoammonium phosphate) prices mimicked the movements in DAP (diammonium phosphate) prices.
How Diammonium Phosphate Prices Fared Last Week
In the week that ended on April 13, 2018, DAP (diammonium phosphate) prices were broadly flat to negative.
Fertilizer Affordability Continues to Be Attractive for Buyers
The Fertilizer Affordability Index issued by the Mosaic Company (MOS) showed that fertilizers continued to be more affordable last week.
Urea Prices Tumbled in Week Ended April 6
Last week, urea prices in the NOLA (New Orleans) region of the US declined by ~3.4% week-over-week to $207 per metric ton from $214 per metric ton.
MAP Prices Were Mixed in the Week Ending March 30
In the week ending March 30, 2018, MAP prices in Brazil remained flat week-over-week at $426 per metric ton from a week ago.
Fertilizers Remained Affordable Last Week
The Fertilizer Affordability Index rose slightly to 0.67x last week from 0.66x a week ago. The index level stood at 0.7x a month ago and 0.61x a year ago.
Potash Prices Were Broadly Mixed Last Week
In Brazil, the potash prices rose by 34 basis points week-over-week to $298 per metric ton from $297 per metric ton a week ago.
How Did DAP Prices Move Last Week?
Last week, the DAP prices in the NOLA region rose by 53 basis points to $344 per metric ton from $342 per metric ton.
MAP Prices Fell in the Week Ended March 16
Last week, MAP prices in both Brazil and NOLA (New Orleans) fell week-over-week.
How Fertilizer Stocks Are Performing
In the week ended March 16, the VanEck Vectors Agribusiness ETF (MOO) fell ~2%.
How Producers’ Potash Segments Trended in 4Q17
Due to the increase in potash prices this year, the overall potash segment margins for five companies discussed below expanded as much as 9% to 29% from 20% on average.
Potash Selling Prices Showed Strength in 4Q17
Intrepid Potash (IPI) saw the steepest increase in prices year-over-year by ~34% to $224 per metric ton from $168 per metric ton a year ago in 4Q16.
Which Producer Saw the Highest Potash Shipments in 4Q17?
Overall shipments in 4Q17 for five companies fell ~13% year-over-year.
Which Company Led in Phosphate Shipments in 4Q17?
In 4Q17, median phosphate shipments continued their declining trend.
How Potash Prices Performed Last Week
Last week, granular potash prices in Brazil rose as much as 1% week-over-week to $294 per metric ton from $291 per metric ton a week ago.
MAP Prices Inch Higher for the Week Ended February 23
Last week, MAP prices in both the locations rose on a weekly basis.
Phosphate Prices Continued to Strengthen Last Week
Last week, phosphate prices for both DAP (diammonium phosphate) and MAP (monoammonium phosphate) continued their upward momentum.
Analyzing Potash Fertilizer Prices for the Week Ending February 16
In the week ending February 16, potash prices were broadly flat to positive compared to a week ago.
How MAP Prices Performed Last Week
MAP (monoammonium phosphate) prices in Brazil have been on the rise lately from a low point of $343 per metric ton as a result of strong agricultural activity in the region.
How Potash Prices Performed Last Week
In the week ending January 26, potash prices at the locations discussed below were broadly flat to positive and remained strong compared to levels observed a year ago.
A Look at Potash Prices in the Week Ending January 19
Potash prices remained strong in the week ending January 19.
How Did Monoammonium Phosphate Prices Move Last Week?
MAP prices In the earlier part of this series, we discussed that DAP (diammonium phosphate) prices were broadly mixed week-over-week, while they were much higher year-over-year. MAP (monoammonium phosphate) prices last week also followed the same trend. Let’s look at it below. Weekly movements Last week, MAP prices were broadly mixed week-over-week at the two locations […]
Diammonium Phosphate Prices Saw Mixed Movements Last Week
DAP (diammonium phosphate) prices have been moving higher from levels observed in late 2016 and early 2017.
How Fertilizer Prices Moved Last Week
In the week ending January 19, the VanEck Vectors Agribusiness ETF (MOO) rose 1%, and the broader market S&P 500 (SPY) also ended in positive territory with a gain of 1.2%.
Analyzing Potash Prices in the Week Ending January 12
In Brazil, potash prices were flat at $281 per metric ton in the week ending January 12.
MAP Prices Had Mixed Movements Last Week
In the week ending January 12, the MAP prices in Brazil and NOLA (New Orleans) moved in opposite directions week-over-week.
How Analysts View CF Industries in January 2018
Nineteen Wall Street analysts are covering CF Industries. They have a consensus mean rating of 2.7 on the stock with an overall “hold” recommendation as of January 10, 2018.
Which Analysts Are Bullish on Nutrien in January 2018?
At the end of 2017, after receiving final regulatory approval for the merger, PotashCorp and Agrium combined into a new company called Nutrien (NTR).
Are Rising Prices Affecting Fertilizer Affordability?
Recently, the Fertilizer Affordability Index has seen an upward trend.
Potash Prices Trend Upwards in the 1st Week of 2018
The potash fertilizer prices for both granular and standard grade were comfortably higher compared to the levels observed last year around the same week.
DAP Prices Remained Strong in 1st Week of 2018
For the week ending January 5, 2018, DAP (diammonium phosphate) global prices at most locations were flat to positive with the exception of Saudi Arabia.
How Fertilizer Prices Moved in the Week Ending January 5
For the week ending January 5, 2018, the VanEck Vectors Agribusiness ETF (MOO) ended almost 2% higher, while the S&P 500 Index (SPY) rose 1.7%.
Why Intrepid Potash Stock Doubled in 2017
Intrepid Potash was one of the top performers in 2017. Its stock rose ~127% YTD from $2.1 on January 3, 2017, to $4.72 at the closing on December 28.
China and India Gave PotashCorp-Agrium Merger Conditional Approval
In addition to the regulatory approval from the US (MOO), this merger has also received approval from Canada, Russia, India, China, and Brazil.
Sales Expectations for Agribusiness Companies in 2018
Sales expectations So far in this series, we’ve reviewed agribusiness companies’ 2017 performance and 2018 expectations. In this part, we’ll review analysts’ sales growth estimates for 2018. Growth estimates As shown in the above chart, agribusiness companies, excluding Israel Chemicals (ICL) and CVR Partners (UAN), are expected to see lower sales growth year-over-year in fiscal […]
Phosphate Prices in 2018
Phosphate prices Earlier in this series, we discussed phosphate prices in 2017 and what has driven prices down recently. We saw that excess capacity pushed down phosphate fertilizer (NANR) prices during the year. In this part, we’ll look at supply and demand trends for phosphate fertilizers in 2018. Supply and demand In 2017, overall global […]
What 2017 Meant for Phosphate Producers
Phosphate fertilizers Performance-wise, phosphate fertilizers have been weaker than potash and nitrogen fertilizers in 2017. As we’ve seen so far in this series, prices are key to investments in fertilizer companies. For the latest developments, read Fertilizer Price Update: Week Ended December 15. Price trends Mosaic’s (MOS), Agrium’s (AGU), and PotashCorp’s (POT) median sales price grew ~1% […]
MAP Prices Remained Strong in Week Ended December 15
MAP (monoammonium phosphate) prices have shown strength in recent weeks, moving higher to peak at $ $403 per metric ton in Brazil.
Digging Deeper into Agriculture Stocks’ Dividend Yields: Part 1
Three stocks—Compass Minerals International, Agrium, and CF Industries—have stable dividend yields, while Israel Chemicals’ yield is more volatile.
Screening for Dividend Stocks in the Agriculture Sector
Perhaps dividend yield is one of the most common starting points when screening for dividend stocks.
A Look at MAP Price Movements Last Week
Last week, which ended December 8, 2017, MAP prices in Brazil fell week-over-week by 25 basis points to $402 per metric ton, from $403 per metric ton.
How DAP Prices Performed in Week Ended December 8
Last week, which ended December 8, 2017, was broadly mixed for movements in DAP (diammonium phosphate) prices. Some regions saw weekly gains, and others moved sideways to negative.
Fertilizer Prices Update: Week Ended December 8
CVR Partners (UAN) emerged as the top gainer last week, rising 17.4% week-over-week to close at $3.70. CF Industries (CF) followed, rising 4.4% to close at $39.30.
How Potash Prices Moved Last Week
Potash prices Potash prices remained firm for the week ending December 1. In most of the regions discussed below, the weekly prices of potash fertilizers were flat to positive. Weekly movements Last week, the granular potash prices in the Cornbelt region of the US (MOO) rose ~1.2% week-over-week to $234 per metric ton from $231 […]
How Fertilizer Prices Moved Last Week
In the week ending December 1, the VanEck Vectors Agribusiness ETF (MOO) rose 1.1%, while the S&P 500 Index (SPY) rose 1.6%.
The Outlook on Phosphate Fertilizer Remains Dull
Similar to what we saw for potash and nitrogen fertilizers, the prices for phosphate fertilizers such as DAP (diammonium phosphate) have suffered as a result of excess capacity.
Outlook: Where Potash Fertilizers Are Headed in the Near Term
PotashCorp’s (POT) CEO (chief executive officer) Jochen Tilk said potash prices for the company were 20% higher year-over-year, driven by higher affordability and tight supply.
DAP Fertilizer Prices Rose Last Week
The prices for DAP (diammonium phosphate) in most of the regions of the world saw positive momentum last week.
Key Fertilizer Updates for the Week Ending November 24
Last week, Intrepid Potash (IPI) emerged as the top gainer in the industry with its stock closing 5.6% higher at $3.78.